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Gold hits near 6-year low, set for another weekly drop
Gold dropped almost two percent to a near six-year low on Friday, set for a sixth straight weekly decline under pressure from a firm U.S. dollar and prospects of a U.S. interest rate rise next month. Spot gold hit $1,052.46 an ounce, its lowest since February 2010, and was down 1.2 percent at $1,057.50. Spot prices were down about 2 percent for the week. U.S. gold futures hit a six-year low of $1,051.10 an ounce before closing down 1.3 percent at $1,056.20 and skidding to a sixth straight weekly decline. Gold was hit by the dollar's advance. The greenback was trading near March's multi-year highs against a basket of ... (full story)
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